Fitch Affirms Indonesia's Perusahaan Listrik Negara at 'BBB'; Outlook Stable

(Fitch Ratings - Hong Kong/Singapore - 14 Jan 2026)--Fitch Ratings has affirmed Indonesia-based PT Perusahaan Listrik Negara (Persero)'s (PLN) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'BBB' with a Stable Outlook. The agency has also affirmed the senior unsecured rating on PLN's medium-term note programme, the notes issued under the programme, and the US dollar notes issued by its subsidiary, Majapahit Holding BV, and guaranteed by PLN at 'BBB'.

These actions follow the update of Fitch's 'Corporate Rating Criteria' and the 'Sector Navigators Addendum to the Corporate Rating Criteria' on 9 January 2026. PLN's ratings and Outlooks are unaffected by the criteria changes.

Key Rating Drivers

Refer to our commentary "Fitch Affirms Indonesia's PLN at 'BBB', Outlook Stable, Raises Standalone Credit Profile to 'bbb-'", dated 10 September 2025.

Peer Analysis

Refer to our commentary "Fitch Affirms Indonesia's PLN at 'BBB', Outlook Stable, Raises Standalone Credit Profile to 'bbb-'", dated 10 September 2025.

Corporate Rating Tool Inputs and Scores

Fitch scored the issuer as follows, using our Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP):

Business and financial profile factors (assessment, relative importance): management (bbb, Lower), sector characteristics (a-, Moderate), market and competitive positioning (bbb, Moderate), diversification and asset quality (bbb+, Lower), company operational characteristics (bbb, Moderate), profitability (bb+, Higher), financial structure (bbb+, Moderate) and financial flexibility (bbb+, Moderate).

The quantitative financial subfactors are assessed based on standard financial period parameters of 20% weight for the historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026.

The governance assessment of 'Good' results in no adjustment.

The operating environment assessment of 'bbb-' results in no adjustment.

The SCP is 'bbb-'.

To derive the IDR:

Application of Fitch's Government-Related Entities Rating Criteria results in an equalised approach.

RATING SENSITIVITIES

Refer to our commentary "Fitch Affirms Indonesia's PLN at 'BBB', Outlook Stable, Raises Standalone Credit Profile to 'bbb-'", dated 10 September 2025.

Liquidity and Debt Structure

Refer to our commentary "Fitch Affirms Indonesia's PLN at 'BBB', Outlook Stable, Raises Standalone Credit Profile to 'bbb-'", dated 10 September 2025.

Issuer Profile

Refer to our commentary "Fitch Affirms Indonesia's PLN at 'BBB', Outlook Stable, Raises Standalone Credit Profile to 'bbb-'", dated 10 September 2025.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING

The principal sources of information used in the analysis are described in the Applicable Criteria.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Refer to our commentary "Fitch Affirms Indonesia's PLN at 'BBB', Outlook Stable, Raises Standalone Credit Profile to 'bbb-'", dated 10 September 2025.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Click here to access Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in our credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included.

Climate Vulnerability Signals

The results of our Climate Vulnerability Signal (Climate.VS) screener did not indicate an elevated risk for PLN. The Climate.VS for 2035 is 36 out of 100. This reflects a physical risk (VSp) signal of 20 and a transition risk (VSt) signal of 32.

The Climate.VS does not influence the current ratings of PLN. Any potential impact on the rating may differ from the illustrative rating impact in the Climate.VS framework, reflecting the evolution of Fitch's assessment of the risks.

ESG Considerations

The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. For more information on Fitch's ESG Relevance Scores, visit https://www.fitchratings.com/topics/esg/products#esg-relevance-scores. (ends)